Demographics

Table 1:Projected number of people in the UK of state pension age (SPA) or older[1]

Projected number of people of SPA or older (thousands)

2015

2016

2020

2030

2040

2050

Women

7,060

7,163

6,513

7,497

8,916

9,068

Men

5,252

5,367

5,480

6,461

7,729

7,822

Total

12,312

12,530

11,993

13,958

16,645

16,890

Total as % of working age population

30%

31%

28%

32%

37%

36%

Important:The table above contains projections that account for the increase in women’s SPA from 60 to 65 between 2010 and 2018. The table also takes into account planned increase in the SPA for both men and women to 66 in 2020, and the provision in the Pensions Act 2014 for the increase in SPA to 67 to be brought forward to occur between 2026 and 2028. It is assumed that the increase from 67 to 68 takes place between 2044 and 2046 as currently legislated, however this may be brought forward as a result of the SPA review set out in the Pensions Act 2014.[2]